Solana is a blockchain platform based on smart contracts with its own token called “SOL” that uses a combination of proof-of-stake and proof-of-history. Given its rise in popularity, you might be looking to start investing in Solana and SOL tokens. To get started, you will need a crypto wallet to hold and manage your investment. We have put together this guide, introducing you to the best Solana wallets, comparing their features to help you select the wallet that best suits your needs while protecting your investments.
What is Solana?
Solana is a fast and secure blockchain network built on the RUST programming language that is used to build DeFi applications and SOL tokens. Some of the features that set Solana apart are its speed, being capable of completing 50,000 transactions per second, and its cheap transaction fees.
What is a Solana Wallet?
Crypto wallets that support the Solana network include physical devices and a software program that allows you to safely store your private keys. It is important to note that crypto wallets don’t store your tokens themselves, as this exists solely on the Solana network. Instead they store the private keys for your tokens, which are the only method of proving ownership over your investments. Anyone with access to your private keys can take control over your tokens or coins, which is why choosing a safe wallet is vital when it comes to protecting and storing your crypto.
As stated, Solana wallets can take many forms, such as a hardware device that provides offline storage, safeguarding your tokens from hackers and malware. Wallets can also be installed directly on your desktop or as an app on your mobile phone. Alternatively some wallets can be accessed directly on the web. Software wallets are more exposed to external threats and viruses, however they are more user friendly and allow you to keep track of your crypto and complete trades conveniently.
How to Choose the Best Wallet for Solana?
While there are countless crypto wallets on the market, not all wallets support the Solana ecosystem. Nonetheless, Solana investors do have various wallet options available, across different crypto wallet types. Before taking a look at the best Solana wallets, you should define what features matter to you the most.
Here are some of the qualities you should take into consideration when deciding on a wallet for Solana:
- How will you access your wallet? You need to determine whether you will feel more comfortable using your wallet on a web browser, your mobile phone, your computer or on a physical device (linking to a digital platform).
- What security level does your investment require? Security is significantly higher for hardware wallets, since they run offline, safe from the attack of hackers and malware.
- Is user-friendliness a concern for you? If you are a beginner a mobile or desktop wallet, with a user-friendly interface might be the better choice, when compared to hardware wallets, which are typically harder to navigate.
- How much are you willing to spend on a wallet? Most software wallets are free to use when it comes to storing your crypto, but different fees might be involved. Hardware wallets on the other hand must be purchased, with some devices priced over one hundred dollars.
Best Solana Wallet
SolFlare (Mobile, desktop and browser)
SolFlare is a non-custodial software crypto wallet and can be accessed as a browser extension for Chrome, on your desktop or as a mobile app. Using SolFlare you can send, receive, store, and stake your Solana assets. Plus , you can also directly swap tokens and keep your NFTs.
If you are looking for additional security features, SolFlare has the advantage of Integrating with Ledger, linking your digital wallet to hardware devices that can store your private keys offline, safe from outside threats.
Exodus (Mobile and desktop)
Exodus is a desktop and mobile crypto wallet supporting 150 different crypto assets, including Solana. Its multi currency support makes it one of the best choices for those looking to build a diverse crypto investment portfolio including Solana tokens. Additionally, the Exodus links to the Trezor One and Model T hardware wallets, giving you access to the highest level of security provided by cold storage solutions like this one.
Using Exodus, you can safely send and receive crypto using a QR code or address. Exodus also allows you to stake crypto assets and earn rewards. Exodus exchange doesn’t accept fiat currencies though and relies on peer-to-peer trading.
The Trust mobile wallet is a convenient solution for Solana investors looking for an easy access wallet for their iOS or Android devices. Trust allows you to send and receive SOL coins and tokens on the go, and even purchase coins and tokens directly from the wallet using any bank card. Trust users can also trade crypto directly from the wallet built-in DEX. What’s more, you can also track charts and prices, use decentralized apps and collect NFTs on the app.
If you are looking to invest outside of the Solana network, you’ll be glad to know that Trust supports 53 different blockchains and thousands of assets. Their developers also continuously add support for more cryptocurrencies, allowing you to stay up to date on your investments.
Phantom is a software wallet for Solana that can be conveniently accessed from the Chrome, Brave, Firefox and Edge web browsers. This decentralized finance wallet offers a full suite of features, allowing you to safely send, receive, store, manage and swap tokens within the Solana network.
Being a non-custodial wallet, Phantom guarantees the privacy of your private keys by storing them and encrypting them directly on your device. Your device can only be accessed with your personal password, which can only be reset using your secret recovery phrase. Phantom also supports the Ledger hardware wallet, allowing you to securely store your private keys offline while also getting the convenience of managing your assets using a web wallet.
Atomic (Desktop and mobile)
Atomic is a decentralized cryptocurrency wallet supporting over 300 crypto assets, including the Solana network. It allows users to buy, send, receive, trade and stake crypto from their desktops ( Windows, macOS, Ubuntu, Debian, and Fedora) or mobile devices (iOS and Android). You can also take advantage of both modalities, using “WalletConnect” to link your wallet on the desktop and mobile app.
The Atomic wallet is especially attractive for beginners due to its user-friendly interface, multi currency support, and in-wallet crypto purchases (using any bank card). Other convenient features offered by Atomic include cash back for crypto exchanges and access to 24/7 live support. In terms of security, your wallet is password protected and can be recovered in case of emergency using a 12-word back up phrase.
If you are looking for the high-level of security provided by cold storage wallets, you can use a Ledger device to safely store your SOL coins and private keys. Ledger wallets are small, easy to carry, durable and secure, with a simple screen facilitating navigation. Your device can only be accessed using a personal PIN code. If the device is lost or stolen, you can recover your data on a new device using a 24-word recovery phrase.
All you have to do to use Solana on your Ledger wallet is install the Solana application on the device. You can also install additional applications and since Ledger supports over 1000 crypto assets, it is a great option for those investing both within and outside the Solana network. You should keep in mind that currently, the Ledger Live app (which allows you to buy, exchange and manage crypto) doesn’t support Solana accounts. Instead, you can link your Ledger wallet to another digital wallet such as SolFlare and Phantom.
The Best Solana Wallet
If you are looking for the best wallet to start investing and trading on the Solana network, you’ll find there are many options to choose from, including mobile, desktop, web and hardware wallets. The wallets listed above are all good choices, however each offers a unique set of security and accessibility features, appealing to different users. Whether you choose to go for a hardware wallet, software wallet or use a combination of both, going for a wallet you feel safe and comfortable using should always be the top priority.